Saudi Real Estate Refinance Company (SRC) has established a major sukuk programme with plans to issue up to SR11 billion ($2.93 billion) bonds, a statement said.

Proceeds from the sukuk issuance will help SRC fund its business strategy to increase the liquidity in the Saudi Arabian mortgage market in compliance with its mission statement and the pursuit of its objectives, a company statement was quoted as saying by Argaam website.

The SAR-denominated sukuk will be issued and offered at different intervals through multiple issuances, the statement said.

HSBC Saudi Arabia has been mandated as sole lead manager and book-runner to arrange investor meetings for the sukuk, it said.